AIG Guaranteed Investment Contract-Backed Issues Cut To 'AA-'; On CreditWatch Negative

NEW YORK May 20, 2008--Standard & Poor's Ratings Services lowered its ratings on 24 American International Group Inc. guaranteed investment contract-backed issues listed below to 'AA-' from 'AA'.

At the same time, Standard & Poor's placed its ratings on CreditWatch with negative implications. These actions follow Standard & Poor's May 8, 2008, downgrade of AIG to 'AA-' from 'AA' and placement on CreditWatch with negative implications.


(For a detailed copy of S&P's news release, please contact Christopher Mortell in New York at 1 212 438 3446.)